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Oil Stocks Tumble as Trump Signals Swift End to Iran Conflict

Oil Stocks Tumble as Trump Signals Swift End to Iran Conflict

Author:

Global Cryptocurrency

Published:

2026-03-10 15:05:02

20

3

BTCCSquare news:

Energy shares slumped in premarket trading after former President Donald Trump predicted a rapid resolution to Middle East tensions. Brent crude plunged 9% to $89.94, while WTI retreated 8.5% to $86.72—erasing gains that had pushed both benchmarks to multi-year highs.

Occidental Petroleum led the sector decline with a 3.2% drop, followed by ConocoPhillips at 1.7%. Integrated majors Chevron and ExxonMobil each fell over 1%, compounding operational disruptions from regional instability. Chevron idled an Israeli gas field, while Exxon's Qatari LNG partner faced shipping bottlenecks in the Persian Gulf.

The G-7's readiness to tap strategic petroleum reserves amplified downward pressure on prices. Meanwhile, CrowdStrike bucked the trend, rising after Morgan Stanley's AI-driven upgrade.

By:

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